- Drilling shows additional lithium-bearing brines carrying highly conductive zones, suggesting that lithium grades increase with depth
- Brines tested lithium grades starting at 150 mg/l, increasing to 270 mg/l when drill holes reached 250-meter contracted depth
- Results of recent drilling reinforce company’s decision to test deeper limits of aquifer
- Lithium Chile holds one of the largest lithium land holdings in Chile, a country with about 50 percent of the world’s reserves
- Global demand for lithium, which is vital to rechargeable batteries, is expected to increase by 650 percent by 2027
Mineral explorer Lithium Chile Inc. (TSX.V: LITH) (OTCQB: LTMCF) continues to announce encouraging news from its drilling program at the company’s wholly owned Ollague Project in Chile. The drilling program confirms the reliability of TEM geophysical profiles in identifying lithium-bearing brine carrying highly conductive zones and suggests that lithium grades increase with depth, according to a recent news release (http://nnw.fm/u7AUn).
“We are extremely pleased that our drilling program continues to show good lithium grades. The fact these grades improve with the depth of the holes justify the company’s decision to target the much deeper zones on hole five,” Steve Cochrane, president and CEO of Lithium Chile, stated in the release. “It is also important to note that with the drilling of holes one and two we have identified a 4 km2 zone on our southern block and with holes three and four a 10 km2 zone on our larger northern block with significant lithium grades.”
Assay results from the first of four holes drilled at Ollague showed lithium concentrations on par with the average grades in Argentina, which shares the Lithium Triangle’s borders with Chile and Bolivia (http://nnw.fm/6jMA3). Samples from the fifth hole were collected from 170 meters to 350 meters and have been sent for independent analysis, the company reports.
“Drilling a fifth hole at Ollague not only reflects the encouraging data we have collected on our first four holes but also reflects our belief that Ollague has the potential to be an exciting new lithium discovery,” Cochrane added (http://nnw.fm/nAce0).
The outlook for lithium continues to shine bright, with demand for the vital metal used to produce batteries powering electric vehicles and high-tech devices such as smartphones and laptops expected to increase 650 percent by 2027, according to Mining.com (http://nnw.fm/5aJ3e). The increasing use of lithium-ion batteries in automotive applications for hybrid and fully-electric vehicles – the biggest influencer on the lithium industry in 2017 – is expected to double by 2020, according to Roskill’s 15th edition market outlook (http://nnw.fm/7GUr3).
In anticipation of the company’s next drill program getting underway soon, Lithium Chile is mobilizing a drill rig from the Ollague Project site to the Salar de Coipasa property. Coipasa is the company’s second largest property in the Andean lithium belt and is considered one of its most prospective projects.
To date, Lithium Chile owns 100 percent of 159,700 hectares of highly prospective lithium properties spread over 16 individual salars, costing the company just over $3 per hectare. That is a significant discount to recent land sales in Chile, where prospective lithium properties have sold for over $800 per hectare, as Cochrane noted in a shareholder update (http://nnw.fm/bIX5I).
For more information, visit the company’s website at http://nnw.fm/LTMCF
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